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The stock was bludgeoned last week to an intra week low of Rs 1,085. This stock is perched on the edge of a precipice, hanging on to the support at Rs 1,100. The stock needs to sustain above this level to keep the long-term outlook positive. But, the momentum indicators in the weekly chart are deteriorating significantly. SBI can head towards Rs 1,036 or Rs 1,002 over the medium term.

Our negative outlook for the short-term will reverse only if the stock manages to rally past Rs 1,200. The more aggressive traders can buy at current levels with a stop at Rs 1,080.

Lokeshwarri S. K.

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